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200455:100026788(2004)0220009206,,(,200052):A,,L:1.,,;2.10.5%;3.,L:;;;:F830.91:AAnEmpiricalStudyontheInter2IndustryDifferencesofChineseListedCompanies’CapitalStructureGUOPeng2fei,YANGChao2jun,SUNPei2yuan(ManagementSchool,ShanghaiJiaotongUniversity,Shanghai200052,China)Abstract:WeclassifytheChineselistedcompaniesaccordingtoCSRC’sindustryclassificationstan2dard,andconductsathroughempiricalstudyontheindustrialdifferencesofcapitalstructure,whichisrepresentedbylong2termdebtratio.Resultsshowthat:1.Therearesignificantdifferencesamongthecapitalstructuresofdifferentindustries,sincethedifferencesarecausedbyminorityindustries.2.About10.5%ofthedifferencesamongcompaniescanbeexplainedbythereindustries.3.Thecapitalstructureofthesameindustryandthedifferencesamongindustriesareverystable.Keywords:capitalstructure;industrialdifferences;industryclassificationstandard;listedcompanies:2003204226:(1973-),,,;(1960-),,,,;(1976-),,,1LModiglianiMiller,,,L,,L,L,;,;,L,[1]L,,,,,,[2]L,L,[3-6],©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.[7,8]L,Belkaoui,[9];Errunza[10];Aggarwal12940,7[11]L,Bowen27.5%[5]L,[12-14],[15]L,,L,,[14],,L,,,[16]L,??,[14]L,,,L2,L2.1,,[17]L20011,L1391,(),L2.2[6],,,L,[6],L,:(ö)100,,L2.3A1999-2001L,2001,:1),19981231A770;2),STPT;3),1999-2001;4);5),10;241,16,L2.4(H0:)L,,LKruskal2WallisH[4]L0120045©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.:Tukey’sHSD[10],LSD[5],Scheffe’s[8],LSDL,(DummyVariable),1999-2001,L:Debt=A+615i=1BiIi+L,Debt,I,i,Ii=1,Ii=0L,,1999-2001;,Kendall,LSPSSL33.1161999-20011L11999-2001161999()2000()2001()C05112.93(3.37)3.38(4.61)4.03(4.11)C11116.86(4.88)6.98(3.51)7.31(3.71)C432511.70(9.27)11.11(10.18)10.83(9.73)C471211.71(9.49)11.55(8.71)13.56(11.06)C611412.82(12.61)13.55(10.37)13.85(11.15)C65157.81(6.32)7.94(6.70)8.35(6.03)C71139.08(10.28)8.57(10.46)5.94(6.58)C73145.78(5.66)4.50(5.10)3.33(3.38)C75147.55(9.78)4.91(6.62)4.47(5.97)C76158.53(6.73)7.87(7.93)7.32(6.28)C81224.96(5.47)5.20(7.67)5.46(7.01)D011613.84(9.58)15.61(12.21)14.95(12.32)E01115.41(6.91)5.69(6.78)6.37(7.03)G81105.31(9.49)5.93(10.65)4.65(7.32)H11277.01(6.56)7.29(7.16)5.31(6.71)J01113.82(3.42)4.21(4.95)4.25(4.44)2418.07(8.28)8.01(8.68)7.63(8.30)1,,14.8%;,10%;,5%;8.07%8.01%7.63%L1999-2001,40.38%41.79%44.23%,,,L1991,115©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.:58%69%73%71%,,,,[18]L,,;,,L21999-2001Kruskal2WallisH19992000200136.63347.99845.300P0.0013330.0003330.000333:,33399%L3.21999-200116Kruskal2WallisH2L,,,L,2001,LSD3L,,,[14]L,,(C43C47C61D01),6,4844;1275(C73C65)L,2001,12,L,[14],L32001LSDC05C11C43C47C61C65C71C73C75C76C81D01E01G81H11C11-C4333-C473333-C6133333--C65---33C71--333333-C73--3333333333-C75--33333333---C76---3333----C81--33333333-----D01333333--33333333333333333E01---3333------333G81--33333333------333-H11--3333333------333--J01--33333333------333---:-,3,3333390%,95%99%L3.31999-20014L,,,L,,1999-2001434,C43C47C61D01,2120045©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.L,,L41999-20011999(T)2000(T)2001(T)C05-4.08(-1.439)-3.91(-1.324)-1.27(-.463)C11-0.153(-.054)-3.04(-.103)1.99(.723)C434.68(2.129)333.82(1.668)35.52(2.578)33C474.69(1.705)34.26(1.490)8.25(3.081)333C615.80(2.224)336.26(2.302)338.53(3.359)333C650.791(0.310)0.65(0.247)3.04(1.222)C712.07(0.773)1.28(0.460)0.63(0.242)C73-1.23(-0.472)-2.78(-1.026)-1.97(-0.777)C750.536(0.205)-2.37(-0.875)-0.84(-0.332)C761.52(0.596)0.58(0.219)2.00(0.807)C81-2.05(-0.903)-2.08(-0.880)0.15(0.070)D016.82(2.729)3338.32(3.194)3339.63(3.958)333E01-1.60(-0.567)-1.60(-0.542)1.06(0.385)G81-1.70(-0.580)-1.35(-0.442)-0.66(-.231)H11---J01-3.19(-1.128)-3.07(-1.041)-1.06(-0.385)R20.0840.0960.136F2.4753332.6913333.520333:1.(H11),L2.,333,33399%,95%10%.516Kendall(P)2000200119990.833(0.000)3330.683(0.000)3332000-0.817(0.000)333:,33399%L3.4,1999-2001,1L,,,L1999-200116KendallP5,Kendall99%,,L4,,L,:315©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.11999-2001161),,[14],;2)10.5%,[5];3),;[2][5];,,,,R10.5%L,,,L:[1]DeAngeloH,MasulisRW.Optimalcapitalstructureundercorporateandpersonaltaxation[J].JournalofFinancialEconomics,1980,March:3-29.[2]EliSchwartz,JRichardAronson.Somesurrogateevidenceinsupportoftheconceptofoptimalfinancialstrutuer[J].JournalofFinance,1967,22(1):10-18.[3]DavidFScott.Evidenceontheimportanceoffinancialstructure[J].FinancialManagement,1972,Summer:45-50.[4]DavidFScott,JohnDMartin.Industryinfluenceonfinancialstructure[J].FinancialManagement,1975,Spring:67-73.[5]RobertMBowen,etal.Evidenceontheexistenceanddeterminantsofinter2industrydifferencesinleverage[J].Fi2nancialManagement,1982,Winter:10-20.[6]MikeSibley.Thesearchforindustryfinancingpatterns[J].AmericanBusinessReview,1991,January:85-91.[7]LeeRemmers,etal.Industryandsizeasbebtratiodeterminantsinmanufacturinginternationally[J].FinancialManagement,1974,Summer:24-32.[8]JMarkhamCollins,WilliamSSekely.Therelationshipofheadquarterscountryandindustryclasssificationtofinan2cialstruture[J].FinancialManagement,1983,Autumn:45-51.[9]AhmedBelkaoui.Acanadiansurveyoffinancialstructure[J]